The Commonwealth Bank of Australia, the largest bank in the country, anticipates greater risks in not participating in cryptocurrency. There is significant uncertainty about not investing in bitcoin, according to the CEO of the biggest Australian bank. There are obvious dangers involved with engaging, but there are greater hazards if we don't, he noted.
<h2>Commonwealth Bank of Australia Sees Greater Risks in not Participating in Cryptocurrency</h2>
In an interview with Bloomberg Television, Commonwealth Bank of Australia CEO Matt Comyn discussed the fear of missing out (FOMO) when it comes to bitcoin and cryptocurrencies. Australia's Commonwealth Bank is a worldwide bank with<a href="https://remonews.com/aus/largest-australian-bank-sees-greater-risks-of-not-participating-in-cryptocurrencies-bitcoin-news-spotlight/"> operations</a> in New Zealand, Asia, the United States, and the United Kingdom.

"Crypto FOMO," said the CEO of Commonwealth Bank. Adding that "Banks must get involved." 

According to Comyn, banks must become engaged in crypto and blockchain technology since there is an insatiable desire from clients to trade cryptocurrency. He retorted, "A participant's risk is greater than a non-participant's."

When it comes to the asset class itself, he said, "we perceive it as a highly volatile and speculative asset," stressing that "we don't have a perspective on it."
<h2>Digital currencies are here to stay</h2>
For the bank, cryptocurrency and blockchain technology is here to stay.  As per the Commonwealth Bank's CEO,  "We don't believe that the industry or the technology will disappear very soon either. So we want to get to the bottom of it, and we want to provide a competitive product to our clients with the correct disclosures about the risks they face."

When asked about central bank digital currencies, the CEO of the Commonwealth Bank of Australia stated, many central banks are looking at the application of a central-bank digital currency, what would it look like, what would the advantages be like, and more. That seems like something they would be interested in. He believes<a href="https://www.cryptoknowmics.com/news/australian-regulator-comments-crypto-investors-on-their-own-for-now/"> Australia</a> must have the capacity to test new ideas and experiment with diverse futures. And that they are hoping to be a part of it.

Commonwealth Bank of Australia Sees Greater Risks in Avoiding Cryptocurrency

The Commonwealth Bank of Australia, the largest bank in the country, anticipates greater risks in not participating in cryptocurrency. There is significant uncertainty about not investing in bitcoin, according to the CEO of the biggest Australian bank.

Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

Commonwealth Bank of Australia Sees Greater Risks in Avoiding Cryptocurrency

Top Picks